An online savings platform, SumoBank has rebranded as it metamorphosed to SumoTrust to continue the race of digital savings App in Nigeria.
The firm launched its operation as digital savings and investment platform, and has grown from 0 to serving about 4000 customers.
The development was announced on the Sumobank blog on the 27th of December 2019 by the Chief Executive Officer, Igwe Chrisent.
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“In 6 months, we have grown from 0 to serving almost 4000 customers and to serve you better; we decided to carry out a product-service survey which will help us to do more.
“Based on the feedback we got from our ‘Esteemed users’ on our Product and service survey; we’re happy to announce that our vision just got bigger and we’ve set out to give you the very best of platform for Savings, Investment, learning and more.
“Because our vision got broader and clearer, it is important to know that having ‘Bank’ attached to our name will not serve the product updates which will be effected in the coming months/years, so we decided to pick a new name.”
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Highlights of rebranding: The Change of name from SumoBank to SumoTrust also came with some updates on the SumoTrust savings App which include:
- Addition of NUBAN ACCOUNT numbers which allow users to have their unique bank account numbers for transactions (deposits) in their SumoTrust account.
- Group Saving feature which allows users to go on a savings mission with a group of friends, family, associations, challenges, etc to reach a savings goal. See image below:
- The article also mentioned that their Learn feature (Motute) which will enable you to teach or learn anything from anywhere in the world will be ready and announced in a few months and will be released on Entrepreneur Platform. This means the Sumotrust’s partnership with Entrepreneur Platform will enable you to access the company’s course for free and get third party course at a discounted rate.
From this, it is clear Sumobank (SumoTrust) is preparing to become another big company to come out of Nigeria or there’s something else we don’t know yet, whichever it is, Both names sound alike and non will be forgotten easily since they are all ‘Sumo’.
Kudos to the team, they have been live saver.
Great platform.
I have been been using them for over 3 months now and followed closely with their updates.
I believe these guys have something good for us and i see them competing very closely with PiggyVest which I also use…
They had ‘bank’ in their names and now, both rebranded, just curious anyways.